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- U.S. weekly mortgage applications decline 4.1 percent
U.S. weekly mortgage applications decline 4.1 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. dropped 4.1 percent in the week ended February 5, following an 8.1
percent climb in the previous week.
According to
the report, refinance applications decreased 4.2 percent, while applications to
purchase a home declined 4.7 percent.
Meanwhile, the
average fixed 30-year mortgage rate rose from 2.92 percent to 2.96 percent, the
highest since the week ended November 13.
“Despite some
weekly volatility, Treasury rates have been driven higher by expectations of
faster economic growth as the Covid-19 vaccine rollout continues,” noted Joel
Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.
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